Highlights

  • Rivian delivered 19,248 vehicles in Q3 2026, up 46%, while production rose 84% to 19,751 units.
  • Total Revenue climbed 38% to US$2.16 billion, and Gross Profit improved to US$176 million from US$24 million.
  • The R2 outsold both the R1 and the commercial van in Q3, with a second Normal shift now running.
  • Volkswagen Group funded a US$1 billion, 10-year Loan to Rivian on 7 October 2026 at a fixed 6.03% rate.

Rivian Automotive, Inc. (NASDAQ:RIVN) has narrowed its 2026 delivery outlook to 67,000 to 70,000 vehicles, raising the low end from 65,000, after its mid-size R2 became the company's best-selling vehicle by Volume in the third quarter.

The electric vehicle maker reported its Q3 2026 results on 29 October 2026, showing higher output and revenue, a narrower net loss and stronger gross profit, alongside heavier cash outflows as the R2 ramp continued at its plant in Normal, Illinois.

R2 Ramp Drives a Jump in Output

Production reached 19,751 units in Q3 2026, up from 10,720 a year earlier, and deliveries rose to 19,248 from 13,201. The R2 outsold both the R1 lineup and the electric delivery van during the quarter, and a second production shift has started in Normal. Reservation conversion for the launch-edition Performance trim exceeded the company's expectations.

The ramp added about US$120 million in incremental cost of revenues compared with more normalized production levels, though automotive cost of revenues per unit improved by more than US$12,000 from the second quarter.

Revenue Climbs and Margins Turn Higher

Total revenue rose 38% to US$2.16 billion. Automotive revenue grew 36% to US$1.55 billion, while software and services revenue increased 45% to US$605 million, driven largely by electrical architecture and software development services for the Volkswagen Group joint venture. Rivian also expanded the joint venture to license elements of its AI voice assistant technology.

Gross profit reached US$176 million, an 8% gross margin, compared with US$24 million a year earlier. The net loss attributable to common stockholders narrowed to US$913 million from US$1.17 billion, and adjusted EBITDA, a non-GAAP measure, improved to a loss of US$435 million from a loss of US$602 million.

Cash Outflow and Liquidity Position

Operating cash flow was an outflow of US$758 million, against an inflow of US$26 million in Q3 2025, and free cash flow, a non-GAAP measure, was negative US$1.12 billion. Capital expenditures fell to US$366 million.

Cash, cash equivalents and short-term investments totaled US$5.50 billion at 30 September 2026. Including the Volkswagen loan funded on 7 October 2026 and US$593 million of asset-based lending availability, pro-forma liquidity was about US$7.10 billion. Rivian also counts a targeted US$250 million milestone-based Investment from Uber toward its available capital for 2026.

Updated 2026 Targets and Finance Leadership

Management now expects 2026 adjusted EBITDA losses of US$1.75 billion to US$1.85 billion, a US$100 million improvement at the midpoint, citing regulatory Credit revenue, a Tariff refund receivable and higher expected deliveries. Capital Expenditure guidance moved to US$1.40 billion to US$1.50 billion on spending timing. Volkswagen is targeting a further US$460 million Equity investment by the earlier of its first vehicle using Rivian technology on the road or January 2028.